How much do the parents need to save annually at year end, Financial Management

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How much do the parents need to save annually at year end

a. What is the present value of the cost of college education for 4 children ages 1, 3, 5 and 7. The current cost of college is $25,000.

The children will begin college at age 18 and be in college for 4 years. Education inflation is expected to be 6% and the parents portfolio rate of return is 8%.

b. How much do the parents need to save annually at year end through the education of the youngest child to pay all college costs?

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